tds on rent entries

pandusubbu

Hi Sir,

I am Working Kn corporate services. I working as a accounts executive we have taken the flats for rent.I know tds rates and percentages but i dont the how take the entries in books plz help me and send the details of the entreis.

Thanks & Regards,
Subramanyam.

pandusubbu

send the entries of the TDS on rent

harshrawat · 06:21 AM

Entries for TDS:-

1).When TDS is deducted when bill received...
Rent A/c Dr..
To landlord A/c(under sundry Creditor)
To TDS on Rent A/c(This a/c should be under Duties & taxes)
(Note:-TDS is deducted on Payble amount so for convinience you can deduct it on the time of payment and at that time the entry will be.........
Land lord A/c Dr...
To Tds on rent A/c..

2).On last date of month total amount Of TDS on rent A/c transfer to TDS payble A/c..
TDS on rent A/c Dr..
To TDS payble A/c

3).When TDS deposited
TDS Payble A/c Dr...
To Bank/cash A/c

Dear Pandusubbu I hope these entries will help you and if u have any Ques.about it then plz feel free to asked.And try to clear ur querry coz it's not possible to write every thing.

rahuljain02

Entries for deduction of rent
Tds on Rent will be deducted if receipt of rent exceeds Rs.120000/- p.a. Rate of TDS is 2% flat. This is applicable in case of individual or huf if turnover exceeds Rs.40 Lacs or gross receipts exceeds Rs.10 Lacs.
In any other case it is mandatory.

Rent A/c Dr. 125000
Party A/c Cr. 2500
Tds rent Cr. 122500

Udan

Quote:

Originally Posted by rahuljain02

Entries for deduction of rent
Tds on Rent will be deducted if receipt of rent exceeds Rs.120000/- p.a. Rate of TDS is 2% flat. This is applicable in case of individual or huf if turnover exceeds Rs.40 Lacs or gross receipts exceeds Rs.10 Lacs.
In any other case it is mandatory.

Rent A/c Dr. 125000
Party A/c Cr. 2500
Tds rent Cr. 122500

Hi i think this entry should be like this

Rent A/c Dr 125000
Party A/c Cr. 122500
Tds rent Cr. 2500

Sudha S

Hello RahulJain

The TDS rate w.e.f 1.10.09 for Land & Building is 10% for Individual & HUF, before it was 15.3%, 2% is for rent towards plant & machinery.

Regards
Sudha S

Hi all

I m Gunjan doing PGDBM in finance from Xavier Institute of Social Service, Ranchi. I m looking for finance job in banking and finacial service sector. If u come to know about such opening plz inform me also.

Thanx.

Regards,
Gunjan

Jayshree K

Can somebody explain how cum party A/c & TDS A/c is being credited???

GND

Hi All,

Can u please provde me taxplanner for the financial year 2009-10

Thanks
Narender

Friend

There are companies who follow the monthly accounts closure. I mean to say that they create the provision for routine expenses every moth end to have a better MIS Report (Budget V/s Actuals.).

Then the entries would be.

The month end entry:

Debit : - Rent Account (For total amount)
Credit : - Sundry Creditors - Rent Payable A/c or Owner's account.
Credit : - Sundry Creditors - TDS - on Rent

Month begining while paying the rent.
Debit : Sundry Creditors - Rent Payable or Owner's account (as per the previous entry)
Credit : Bank